Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Private Activity Bonds topic
No spam. Unsubscribe anytime.
Tarrant County housing agency approves inducement resolution for Cobblestone Manor bond application
Summary
The Tarrant County Housing Finance Corporation approved an inducement resolution Aug. 4 allowing an application to the Texas Bond Review Board for up to $45 million in private activity bonds for the Cobblestone Manor senior housing purchase and renovation; the resolution does not issue bonds now.
Tarrant County Housing Finance Corporation members unanimously approved an inducement resolution Aug. 4 to support an application to the Texas Bond Review Board for private activity bond allocation for the Cobblestone Manor project.
Jonathan Kranz, bond counsel with Kelly Hart, told the board the project covers an existing senior facility called Cobblestone Manor and described a planned purchase and renovation. “This is for a project called, Cobblestone Manor,” Kranz said. He described roughly 220 rooms, a purchase price of “somewhere around 31,000,000” and renovation costs “somewhere around 10, to make the property more, accessible, upgrade and refurbish.” Kranz said the inducement would be a “not to exceed amount of 45,000,000.”
The inducement resolution permits the developer to begin the bond-review process but does not authorize issuance of bonds. Kranz and the board’s co-bond counsel, Rob Bod Dransfield of Norton Rose, told the board the item will return for final documents if the allocation proceeds.
A motion to approve the inducement resolution was moved and seconded during the meeting and passed unanimously with a four-member quorum. The board recorded no public comments on the item.
The board was told the property is for seniors 55 and older and that a representative for the developer was present in the room; the developer name referenced in the discussion was Diminum. Kranz emphasized this vote is an inducement only and that final bond documents and any issuance would come back to the board later and depend on the Texas Bond Review Board’s allocation and approval processes.
Next steps identified on the record: staff and bond counsel will proceed with the application to the Texas Bond Review Board and return to the Housing Finance Corporation with final documents for any later approval or bond issuance. The transcript did not specify a timeline for the Bond Review Board application or for subsequent board action.
